Britons are expected to spend a whopping £3.43 billion on last-minute Christmas shopping during what is being referred to as “Panic Weekend.” VoucherCodes.co.uk forecasts that 49.6 million individuals will engage in festive shopping this upcoming weekend, with 36.8 million of them planning to visit brick-and-mortar stores, providing a much-needed boost to town centers nationwide.
The website anticipates that spending will peak at an average of £2.3 million per minute on “Super Saturday,” totaling £1.75 billion. This weekend is the final opportunity before Christmas, prompting many to either wrap up their gift purchases or, in some cases, start them.
Zoe Morris, a savings expert at VoucherCodes.co.uk, highlighted the trend, stating, “Despite your level of organization, there are always a few essential Christmas items that catch you off guard, sending you rushing to the stores. This year, a significant number of Brits are procrastinating their shopping until the very last moment, with an additional 10 million people expected to make purchases during this ‘Panic Weekend’ compared to last year, marking a 26.2% rise in shoppers.”
Retailers can rejoice as the projected spending spree over the weekend is nearly 13% higher than the previous year. Recent data on foot traffic indicates a 5.1% increase last week, with the high street emerging as the preferred shopping destination.
Retail leaders find these trends promising as the Christmas countdown enters its final phase. With the last ten days of trading underway and ‘Super Saturday’ fast approaching, footfall is expected to rise further. As schools and many offices break for the holiday this week, the weekend is anticipated to see a surge in last-minute gift purchases and festive grocery shopping.
The accuracy of this optimistic forecast will only become apparent when stores begin reporting their festive trading figures early next year. Concerns about the late timing of the Budget on November 26 and fears of tax hikes leading up to Christmas may have dampened consumer spending, as evidenced by a recent survey indicating increased household pessimism about future financial well-being.
Maryam Baluch, an economist at S&P Global Market Intelligence, expressed disappointment regarding household sentiment post-Budget, citing a bleak outlook for financial health in the coming year. The combination of subdued household confidence, early signs of job insecurity, and deteriorating financial conditions indicate the challenges facing UK households as they navigate an uncertain economic landscape.
Given the deteriorating financial environment and weakened consumer spending intentions, it appears unlikely that consumers will significantly boost the economy as the new year approaches.
